Deferred second loan
First Homes CLT Gap Loan (Down Payment & Closing Cost Assistance)
First-time homebuyers · New construction · Income limits · Single-Family Detached · Townhome · Condo
Down payment assistance · Olmsted County
Buying a home in Rochester, MN
3 Rochester programs and 8 statewide.Rochester has 3 programs of its own, and 8 statewide. Here is what each one offers, what the local market looks like, and who near you can walk you through it.
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Only for Rochester addresses
Rochester’s own programs
Forgivable loan
Growing Affordable, Inclusive Neighborhoods (GAIN) in Olmsted County
Income limits · Single Family · Townhouse · Condo
Shared-appreciation loan
First Homes Community Land Trust (CLT) Homeownership Program
New construction · Income limits · Single-Family Detached · Townhome · Condo
The Rochester marketThe Rochester housing market
Kinds of homes hereWhat’s for sale here, and what the programs accept
Kinds of homes in Rochester
- 58.5% single-familysingle-family
- 8.9% townhousetownhouse
- 7% 2–4 units2–4 units
- 24% 5+ unitscondo & apartment buildings (5+ units)
- 1.7% mobile & othermobile home & other
Condos count. All 3 of Rochester’s local and county programs accept condos.
U.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Table B25024.
When Rochester’s homes were built
pre-19401970s2020+
40.8%
of Rochester homes were built before 1980. Pre-1978 homes come with a federal lead-paint disclosure.of homes were built before 1980. A home built before 1978 comes with a federal lead-paint disclosure, and some programs require an inspection.
U.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Table B25034.
$135,800
County area median income, 4 people (HUD)HUD area median income, Olmsted County, 4-person household (2026)
$89,389
Rochester median household incomeMedian household income in Rochester (Census, 2024)
16 of the 73 programs here set their income limit as a share of Olmsted County’s area median income, adjusted for household size. See the published limits for Olmsted County
Free help nearbyFree help near Rochester
1 HUD-approved counseling agency within 15 miles1 HUD-approved housing counseling agency within 15 miles
2 programs here ask for a homebuyer class first. Create a free account to see who’s near you and pick one.2 of the 3 local programs here ask for a homebuyer class. A HUD-approved counselor teaches it and can walk you through your options. Create a free account to see who’s near you and pick one.
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Across Minnesota and nationwide
70 statewide & federal programs8 statewide programs, plus federal options
Rochester questions
Does Rochester have its own down payment program?
Yes, 3: First Homes CLT Gap Loan (Down Payment & Closing Cost Assistance), Growing Affordable, Inclusive Neighborhoods (GAIN) in Olmsted County and First Homes Community Land Trust (CLT) Homeownership Program. Each is for homes inside Rochester.
Can I use assistance on a condo in Rochester?
All 3 of Rochester’s local and county programs accept condos. Each program’s page lists the kinds of homes it accepts, and the agency confirms it for the home you choose.
What is the income limit in Olmsted County?
Each program sets its own. 16 of the programs here set theirs as a share of HUD’s area median income for Olmsted County, adjusted for household size. HUD publishes the median each year; the 2026 figure is shown above and on the published limits page.
Where can I take a homebuyer class near Rochester?
HUD-approved housing counseling agencies teach homebuyer classes, and 1 agency is within 15 miles of Rochester. Create a free account and take the 90-second match to see the ones near you.
ZIP codes
55901 · 55902 · 55903 · 55904 · 55905 · 55906
Nearby in Olmsted
Sources
Sources: agency sites (June–August 2026), Census ACS 2024 5-year, HUD FY2026, HUD counseling list. Hey Prescott is not a lender.Programs: Hey Prescott catalog of 2,000+ programs, each verified with its agency (June–August 2026). Market: U.S. Census Bureau, American Community Survey 2024 5-year (2020–2024). Income: HUD FY2026 income limits. Counselors: HUD list of approved housing counseling agencies. Hey Prescott is not a lender.